title
Various RTA Insurance Coverages 2023-2024
end
DESCRIPTION: Renewal of various insurance coverages for policy period 2023-2024.
AGENDA NO: Click or tap here to enter text.
ACTION REQUEST:
? Approval ? Review Comment ? Information Only ? Other
RECOMMENDATION:
recommendation
To authorize the Chief Executive Officer to proceed with the renewal of specified insurance coverages for the policy period 6/1/23-6/1/24 in the amount of $2,465,669.31.
end
ISSUE/BACKGROUND:
body
RTA annually renews a group of various insurance coverages on June 1st. These include Overhead Catenary Systems ["OCS"], Property/Excess Property, Public Entity/Employment Practices Liability, Crime, and Flood. The policies are marketed and placed by the RTA insurance broker of record, The Kennedy Financial Group of Louisiana, Inc., and provide optimal coverage at the most competitive cost.
end
DISCUSSION:
It is necessary that RTA proceed with the renewal of these insurance coverages through the RTA broker of record, The Kennedy Financial Group of Louisiana, Inc., on a timely basis:
Overhead Catenary Coverage ["OCS"]: Total Insured Value of $29,060,797, covering all catenary lines in the RTA streetcar system, including wires and poles. Total limits: $12M.
Property/Excess Property: Total Insured Value of $120,311,275, extending to thirteen (13) locations, inclusive of buildings and contents, and corollary structures (station stops, substations, etc.) and the land-based portion of the Canal Street Ferry Terminal.
Public Entity/Employment Practices Liability: $5M per wrongful act, covering public officials/employees for errors or omissions in duty.
Crime: $1M/$500,000 limits, covering forgery and alteration, on-premises/off-premises theft and burglary, computer fraud, funds transfer fraud, and related financial crime.
Flood: Twelve (12) locations. Limits of $500,000 per building, with the exception of the chassis wash at ENO with limits of $250,000.
Details of the respective c...
Click here for full text